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Moneylenders Credit Bureau: 8 Things borrowers should know

Woman finding information on moneylenders credit bureau on her laptop.
Woman finding information on moneylenders credit bureau on her laptop.

Table of Contents

What is the Moneylenders Credit Bureau?

The Moneylenders Credit Bureau (MLCB) is the central repository, a one-stop service, that houses all borrowers’ loans and repayment histories with licensed moneylenders. It enables licensed moneylenders in Singapore to evaluate borrowers’ creditworthiness and assist them in advising loans that are affordable to borrowers.

The Ministry of Law passed regulations in 2016 that allow it to license and monitor credit bureaus that gather customers’ credit information from all of Singapore’s licensed money lenders. This ensures the smooth operation of licensed credit bureaus and safeguards the consumers’ interests by preserving the confidentiality, security, and integrity of the data collected from the consumers.

From July 2021, Credit Bureau (Singapore) has been designated by the Ministry of Law as the operator of the Moneylenders Credit Bureau.

The functions of the Moneylenders Credit Bureau

Every licensed moneylender in Singapore is an approved member of the Moneylenders Credit Bureau. As such, they are required to keep the MLCB informed about borrowers’ loan details on a regular basis. This would enable the Loan Information Report to be generated on-demand, detailing all of his existing loans with all licensed moneylenders in Singapore.

The Loan Information Report will include information on:

1. The loan the borrower has undertaken, the total outstanding principal amount, and the total amount of money owed.

2. The list of all current personal loans the borrower has with licensed moneylenders in Singapore, as well the status of each loan’s repayment.

3. Default records (e.g. failing to pay your loans on time, or at all), if applicable.

No information from a borrower’s Loan Information report can be shared with anybody else. If you were to obtain a personal loan from a licensed moneylender in Singapore, you will not be required to purchase the Loan Information Report as this will be done by the moneylenders.

Why must moneylenders retrieve your Loan Information Report?

Licensed moneylenders in Singapore must ensure that they have all the relevant information needed to conduct a credit risk assessment, before approving your personal loan application.

Information on your Loan Information Report determines how well you are able to pay off your personal loans. If you haven’t been consistent in your loan repayment, moneylenders will identify that you are a high-risk borrower and may reject your request during the initial application stage.

However, if you’re consistently making on-time payments, your report will reflect well on you. This means that your borrowing limit will increase, and moneylenders would be more likely to offer you to borrow more money than your previous amounts loaned!

Additionally, there is a maximum amount of unsecured loan that you can borrow across all licensed moneylenders in Singapore. This is known as the loan cap, and is dependent on the borrower’s annual income. With the loan information report from the Moneylenders Credit Bureau, licensed moneylenders are able to know if a particular borrower’s total outstanding loan is still within the limits of the borrowing cap set by the Ministry of Law. 

For example, if you’re a Singapore resident or PR with an annual income of $15,000, the maximum amount you can borrow across all licensed moneylenders is $3,000. In the event that you’ve exceeded the loan cap, licensed moneylenders will have the right to reject your personal loan application.

With Moneylenders Credit Bureau, the licensed moneylenders can know if the borrower’s total outstanding loan already exceeds the borrowing cap set by the Ministry of Law. Refer to this link.

How do I verify that a moneylender is indeed licensed by the Registry of Moneylenders?

All licensed moneylenders in Singapore are required by law to register their business with the Ministry of Law. The list of licensed money lenders and details such as their business addresses, contact numbers, and websites can be found here.

Who can see your loan information reports?

To protect your credit information from misappropriation, only authorised parties may request and receive information from the Moneylenders Credit Bureau. The data on the credit reports obtained can only be accessed by the following four parties:

1.  You, as a borrower

2. Licensed Moneylenders in Singapore

3. Ministry of Law, The Registry of Moneylenders

When applying for loans with licensed moneylenders in Singapore, the credit report will be used to check for any active loans, plus all the above-mentioned information. This will allow licensed moneylenders to offer you a loan plan that is best suited to your affordability. The Ministry of Law and the Registry of Moneylenders have access to the data provided by the Moneylenders Credit Bureau stored in their systems. For a small fee, you are able to request a copy of your credit report at any time, even if you are not looking to apply for loans.

Ways to obtain a Moneylenders Credit Bureau report

A copy of your credit report may be requested online or at any of the two following places:

1. Moneylenders Credit Bureau Office

2 Shenton Way, #20-02, SGX Centre 1, Singapore 068804

Hotline: 6565 6363


2. Credit Counselling Singapore Office

51 Cuppage Road, #07-06, Singapore 229469

Hotline: 6225 5227

Operating Hours :

Mondays to Fridays: 9am – 6pm

Closed on Saturdays, Sundays and Public Holidays


Note: Loan Information Reports purchased by walk-ins at the Moneylenders Credit Bureau Office are only payable by cash.  Each report costs SGD 0.50 (including GST).

What can you do to improve your credit score?

First and foremost, pay your loans on time! Your ability to pay off your debts on time is one of the most important factors that could either make or break your credit scores. In order to do that, make a list of the personal loans, business loans, or any credit card payments that you have. It’ll enable you to see who you owe, and the total amount you owe. Setting up automatic payments (e.g. GIRO payments) for the minimum amount due each month can help you stay on top of your payments.

Additionally, avoid applying for multiple personal loans at a time. Every time you apply for a loan, the licensed moneylender will send a request to Moneylenders Credit Bureau. Applying for multiple loans at the same time may hurt your credit score a little.

Why you should borrow from licensed moneylenders in Singapore

All licensed moneylenders in Singapore are registered under the Ministry of Law. Hence you can be assured that they will not charge you more than what is required by the law. A licensed moneylender The maximum interest rate that a licensed moneylender in Singapore can charge is 4% per month, regardless of the borrower’s salary. Late repayment interest is also capped at 4% per month for each month your payment is overdue.

Also, licensed moneylenders in Singapore will not resort to harassment or splashing your doors with red paint when you fail to make your repayments on time. Inform your agent of your problems, and they will help alleviate your situation legally, and peacefully.


The information contained on this website is not intended as a substitute for advice from a licensed professional. We do not guarantee the accuracy, completeness, suitability, or validity of any information provided on this website. We will not be responsible for any errors or omissions on the site nor will we be liable for any loss or damage caused by reliance on any information obtained through this website.

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